Raghuram Rajan, governor of the Reserve Bank of India, called Thursday for stronger economic policy coordination between advanced and emerging markets.

“To ensure stable and sustainable growth, the international rules of the game need to be revisited,” Rajan said at a panel with international policymakers at the Brookings Institution. “We need to break away from this cycle of unconventional policies and competitive monetary easing.”

“The events of recent months have set the stage for renewed reserve accumulation by the emerging markets,” he added. “It will be harder for advanced economies to complain if they downplay their own spillover effects while they are pushing for recovery.”

Emerging-market economies have been impacted by the Federal Reserve’s moves to scale back its purchases of bonds, also known as quantitative easing, and the normalization of interest rates.

Concern was focused on whether the Fed’s moves to scale back its purchases has dampened economic growth — and whether the U.S. central bank has been sensitive enough to the impact of its policies on emerging markets.

Although it’s important to pay attention to the role played by such countries, Chicago Federal Reserve President Charles Evans said the Fed’s main focus is on the United States.

“At some point, our mandate is for the U.S.,” Evans said. “We like to cooperate as much as we can with everyone, but if we are led to a low-inflation experience, which is indicative of low aggregate demand and low employment, we’re not going to be doing anyone around the world any good.”

Former Federal Reserve Chairman Ben Bernanke had his own critique of Rajan, noting from the audience that the Fed officials meet with emerging-market bankers eight to ten times a year. Read related story.

Vitor Constancio, vice president of the European Central Bank, had a mixed reaction to the remarks of Rajan.

“I can sympathize with some aspects but not subscribe to criticism on the grounds he justified them,” Constancio said. “Until ‘09 it was all right to pursue [accommodative] policies, but to extend them was wrong. What would have happened if the advanced economies didn’t pursue such policies? I think the world would be in a worse position.”

Several international policymakers are in Washington this week for the spring meetings of the International Monetary Fund and the World Bank.